Ashland launches 30 million share Valvoline IPO

Ashland launches 30 million share Valvoline IPO

6:27 AM, 13th September 2016
Ashland launches 30 million share Valvoline IPO

COVINGTON, US: Ashland Inc launched the Valvoline Inc initial public offering of 30,000,000 shares of Valvoline’s common stock. Valvoline has applied for its common stock to be listed on the New York Stock Exchange under the symbol ‘VVV.’

Valvoline expects to grant the underwriters an option to purchase up to an additional 4,500,000 shares of its common stock to cover over-allotments, if any. After the completion of the offering, Ashland will own 170,000,000 shares of Valvoline’s common stock, representing 85 percent of the total outstanding shares of Valvoline’s common stock.

BofA Merrill Lynch, Citigroup and Morgan Stanley are acting as joint book-running managers for the offering and representatives of the underwriters. Deutsche Bank Securities, Goldman, Sachs & Co and J P Morgan are also acting as joint book-running managers for the offering. Scotiabank is acting as senior co-manager for the offering and BTIG, Mizuho Securities, PNC Capital Markets LLC and SunTrust Robinson Humphrey are acting as co-managers for the offering.

© Worldofchemicals News

0 Comments

Login

Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News


Linde shareholders recommend to terminate merger talks with Praxair

MUNICH, GERMANY: Linde AG announced that its shareholder representatives with a general agreement with the CEO of the company have recommended the man ...

Read more
Henkel successfully places €2.2 billion bonds

DUSSELDORF, GERMANY: Henkel AG has successfully placed bonds with a value of €2.2 billion. The proceeds will be used to refinance the short-term ...

Read more
Shell starts oil production in the Gulf of Mexico

THE HAGUE, NETHERLANDS: Royal Dutch Shell plc said that it has started production at its Stones development in the Gulf of Mexico. Stones is expected ...

Read more
LyondellBasell to build new high density PE plant at Texas site

HOUSTON, US/LONDON, UK: LyondellBasell has selected its La Porte, Texas, manufacturing complex as the site for a new high density polyethyle ...

Read more
Asahi Glass acquires German biopharma CMO firm Biomeva

TOKYO, JAPAN: AGC Asahi Glass (AGC) has acquired Biomeva GmbH (Biomeva), one of the leading biopharmaceutical contract manufacturing organisations (CM ...

Read more
Orica names chief commercial officer

MELBOURNE, AUSTRALIA: Orica Ltd made changes to its executive committee team to strengthen its customer focus and global competitiveness. Angus Melbou ...

Read more